Expert Panel - Investment Companies

About the Expert Panel

The Investment Companies Expert Panel serves the needs of AICPA members on financial and business reporting and audit and attest matters. The expert panel protects the public interest by bringing together knowledgeable parties in the investment companies industry to deliberate and come to agreement on key investment companies issues.

The SEC Office of Compliance Inspections and Examinations announced its 2015 examination priorities for investment advisers and investment companies, broker-dealers, and transfer agents.

On July 23, 2014, the SEC issued final rules that will require the use of a floating net asset value (NAV) for institutional prime money market funds. These rules also allow boards to impose liquidity fees and implement redemption gates for all non-government money market funds during periods of stress. Under normal circumstances, money market funds with floating NAV will continue to be designated as “cash equivalents” under these rules. For more information, please visit http://www.sec.gov/News/PressRelease/Detail/PressRelease/1370542347679.

The SEC recently conducted a national seminar for investment companies and investment advisers, as part of its compliance outreach program. This seminar, geared towards Chief Compliance Officers (CCOs) and other senior management at these firms, covered program priorities for 2014, topics of interest for private fund advisers and registered investment companies, valuation, and the role of the CCO. For more information, click here.

FASB Accounting Standards Update No. 2013-08 changes the approach for assessment of investment company status, clarifies investment company’s characteristics, and provides guidance for determining whether an entity is an investment company under U.S. GAAP.